What the post-MPS calls are and why we do them
Following Monetary Policy Statements (the Statement) the RBNZ usually conducts one or more calls with economists and financial market analysts (the participants). The purpose of these calls is to improve understanding of the economic projections and analysis in the Statement. This ultimately improves the effectiveness and transparency of monetary policy. The calls also further several of the Reserve Bank’s goals and values, such as Wānanga/Innovation and Taura/Inclusion.
Participants may ask Reserve Bank staff, including any Monetary Policy Committee (MPC) members present, questions clarifying the content of the Statement and other publicly stated communications that relate to monetary policy. It is also an opportunity for these participants to provide feedback directly to Reserve Bank staff on these topics. The calls are aimed at specialist experts, in contrast to the press conference following the release of a Statement, which is aimed at the general public via accredited journalists.
Our expectations for Reserve Bank staff and MPC members
Reserve Bank staff and MPC members will not express views inconsistent with the published Statement or give new guidance about monetary policy. This is to ensure consistency with clause 3(c) of the MPC Charter. RBNZ staff and MPC will also adhere to all the Reserve Bank's usual standards of conduct and confidentiality.
What we do with the information collected
Any feedback provided by participants will be treated as confidential by the Reserve Bank and accessed only by staff involved in the monetary policy process. As a learning institution this feedback is useful to allow us to improve our internal processes.
Our expectations for participants
To encourage open discussion, attendees are free to use and disseminate the information and views expressed during the calls, but the personal identity of call participants may not be revealed. For example, this means that attendees may state verbally or in an email “RBNZ staff said on the post MPS call…”, but may not attribute the statements to any individuals.
We also expect that, should participants believe a statement is made on the call that seems inconsistent with recent official MPC communications, they ask Reserve Bank staff and/or MPC members present to clarify this on the call.
Criteria for invitation
Invitation is at the discretion of the Reserve Bank. We consider inviting economists and financial market experts with a significant audience, who regularly publish analysis that relates to the Monetary Policy Statement and projections of the New Zealand economy, and has consequential impacts for financial markets.
Contact us
For questions about the calls, please email [email protected]